Cointelegraph was on the ground at Non-Fungible Token New York City Effect to detect the latest and greatest in NFT. Of the many projects and companies in attendance, we defenseless upwards with OpenSea co-founder Alex Atallah to learn what his visitor is all about.

OpenSea is a "marketplace for digital appurtenances, including collectibles, gaming items, digital fine art, and other digital assets that are backed past a blockchain like Ethereum," Atallah explained. The whole space has roots in CryptoKitties, but information technology has grown exponentially since. Now, some of the biggest VCs are eager to invest in information technology.

Formula 1 machine for 416 eths

OpenSea'southward market place began with CryptoKitties, but the assortment of bachelor products has greatly expanded since. 1 of the most heady lots thus far sold on OpenSea was an NFT representing a car in the upcoming Formula 1 game that was sold for 415.9 eths (~$107,000 at the time) in May 2022.

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"I accept chatted with the guy. He is a collector, not a Formula i collector, only crypto. He is holding information technology long-term, he believes it will be worth a lot of money".

Crypto fakes

Ironically, collectibles built on the anti-forgery applied science aren't necessarily immune to fraud themselves. "Yeah, nosotros have fakes as well. People volition copy the smart contract i for ane and all the media too," Atallah said.

OpenSea generates $2-3 M in monthly revenues and is on the verge of becoming profitable. Attalah is optimistic nigh the future and expects major game studios to enter the NFT infinite in the foreseeable future.